Over the past 23 years we have been able to observe many property managers. Some come and go, some are great, and some are… well, we won’t say here. The very top property managers, whether they work in multi-family or manage single family homes, all seem to exhibit some common traits. Ask yourself if you possess these traits, and if not, why. Many of these traits develop over time, some faster than others. In property management and life in general, there are basically two ways to learn. You can learn from your own mistakes, or learn from the mistakes of others. The latter way is preferable, a lot less painful and often way cheaper. How do you learn? Education and associations.
Soak up as much education as possible, and join your local apartment association or property management association. You best sources are to go straight to the National Association of Residential Property Managers (NARPM) www.narpm.org if you primarily manage single family homes, duplexes, tris and quads, or the Florida Apartment Association at www.faahq.org if you are in multi-family management. Once you get into these websites, you will find the contact information for the association that fits your needs. Until that time, here are some of the top traits we observe.
1. Top Property Managers continually get education.
2. Top Property Managers are cautious and paranoid.
3. Top Property Managers expect the best but are prepared for the worst.
4. Top Property Managers know when to deny an applicant and can spot the warning signs.
5. Top Property Managers can quickly and easily communicate with owners and residents.
6. Top Property Managers don’t rely on their memory.
7. Top Property Managers use checklists for all tasks from application to move-out.
8. Top Property Managers inspect regularly and proactively spot problems.
9. Top Property Managers embrace technology.
10. Top Property Managers abide by the “Golden Rule”.
11. Top Property Managers emotionally remove themselves from all situations and treat everything as a business.
12. Top Property Managers have complete control over the resident.
13. Top Property Managers have complete control over the property owner.
14. Top Property Managers refuse to manage below par properties.
15. Top Property Managers know when to “fold” and settle a matter to avoid litigation.
16. Top Property Managers get involved with their local property management council or committee.
17. Top Property Managers don’t just learn new ideas, they implement them.
18. Top Property Managers have a form or notice for almost everything.
19. Top Property Managers know that systems, policies, procedures and checklists are the key to success.
20. Top Property Managers call on more experienced property managers and their attorney when they are unsure of an action and always take advantage of free legal advice.
by Harry Heist, Attorney at Law
4020 Del Prado Blvd Unit B3 Cape Coral, FL 33904 | homeqwestrealty@gmail.com | O. 239.770.5429 www.homeqwest.com
HomeQwest Realty Group, LLC – SW Florida Homes and Houses for sale. Cape Coral Fl Homes and houses for rent or lease, SW Florida Land for sale, acreage and general Property Management and Real Estate Information
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